SocGen First-Quarter Profit Halved, Eyes New Cost Savings

Reuters with CNBC.com

Tuesday, 7 May 2013 | 1:02 AM ETReuters

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Adam Jeffery | CNBC

Societe Generale, France's No. 2 listed bank, reported a 50 percent slump in quarterly profit on Tuesday on the back of a weakening domestic economy and one-off charges, and said it had begun a cost-cutting drive.

SocGen posted first-quarter net income of 364 million euros ($475 million), compared with 732 million for the same period a year ago. This was below the 674.6 million euro average of analyst estimates compiled by Thomson Reuters I/B/E/S.